All Forum Posts by: Brian W.

contingencies are always a good idea.

I knew a guy who was buying a house to flip, the owners had moved out and it was vacant for about 3 days before the closing. The buyer did a final walk through and found all the copper plumbing stolen and the drywall ripped to shreds.

He walked from the deal - felt sorry for the sellers, they didn't have insurance. Seemed to be a good lesson for everyone involved.

but by the same token - if you wholesale to other investors only then there usually won't be a problem. This is because they might have a line of credit, all cash, or a great track record with a local bank that doesn't care what the deal looks like, they know they have a solid investment in the investor.

Hey Jason - got you a new picture huh?

Dude since you know wholesaling and you say you need to get back on your feet --- WHOLESALE it!

Think of it like this. It looks like you've got some pretty good #'s to work with on this deal

After the purchase and rehab you're looking at 140k without taking into consideration holding costs and budget busters and sticking to budget like a mad man.

You could wholesale that dude and and make TONS!!! how much money do you want to make can pretty much be the question you ask yourself on this deal.

So just for fun you say you will wholesale it for 30k. Pretty conservative considering the assignee will have 110K in equity after the rehab.

You just made 30k without lifting a finger, lining up contractors, arranging financing, not to mention the possibility of uncovering something detrimental to your profits. What if something had gone awry during the rehab and you ended up only making 50k. Yeah that's 20k more but look at the time involved, when you could have took 30 and ran to the next one.

You would then be on your feet and ready for WAR!

I'd wholesale it if it were me who'd just explained your situation as my own.

I get my comps from a Realtor

I realize that in a larger city this might be cumbersome, but I think it's the only true way to find out what properties sell for, plus sellers concessions. And to get the most critical data, which is DOM (days on market).

get MLS data sheets of closed properties and you get the goods.

no it is not illegal to place such a sign on your own property, there might be size limits though. I'd check with your local city ordinance for the regulations.

if they don't have equity in the home then you will deal with the banks and perform a short sale. If what you can give them and still make a profit on is more than they owe then you deal with them, and close as normal.

But if doing a short sale the owner must still want to deal with you. Even though you will be dealing with the bank the owner can still choose to let you do it or let it go. Sounds crazy but some people are just strange that way.

typically that is when you will get it. you have your buyer write a check to the title company to hold in their trust account and when it closes you get your money.

Hey no problem about the questions - that is why people like you and me and everyone else here comes to Bigger Pockets. To LEARN from others!! We are more than happy to help, because we know that we were once where you are right now.

Everyone was a beginner at some point in time, kudos to you pal!

At the courthouse you need to go to the Recorders office - If you have troubles just tell someone up there what you want to do and they will steer you in the right direction!

No they will not give you a phone number - but they will give the name and address of the property that is in default - you can then be a sleuth and figure out the the telephone number - send them a letter - or just drop in if you are up to that sort of thing.

Yeah it seems to be pretty confidential but it's not! It's public record, and you have every right to access it!

Keep the questions coming if you have more - we will help!

Best of luck. :D

I would assign the contract over to your buyer and accept an assignment fee. Most closing companies won't do double closings.

Nothing illegal about an assignment. As long as your original contract says between you or "assigns".